Trader earns $23M flipping Solana memecoins: Here’s how
A memecoin trader cashed out millions in profits from several positions on meme-themed tokens in Solana (SOL).
On April 26, blockchain analysis firm Lookonchain flagged the movements of a trader with the Solana Name Service account called “paulo.sol.” The crypto wallet realized profits on meme tokens like Dogwifhat (WIF), Jeo Boden (BODEN) and Bonk (BONK).
The trader invested in BONK as early as Nov. 11, 2023. The user noticed that the memecoin was rising and bought tokens. The trader then performed swing trades, buying at lows and selling at highs. In total, the trader made about $6.28 million trading BONK.
Meanwhile, the trader also noticed WIF and BODEN. When the tokens first went online, the Solana memecoin holder did not immediately jump into them.
However, the trader started buying heavily when they showed upward swings for the first time. The trader started buying WIF on Dec. 4, 2023, and began trading BODEN on March 6. In total, the trader realized $9.51 million in profits from WIF trades and $7.04 million on BODEN.
Overall, the trader realized over $22.83 million from flipping Solana-based meme tokens. While the trader already secured millions in profits, the crypto user still holds $7.6 million in BODEN tokens and $5.7 million in WIF at the time of writing.
Apart from these memecoin holdings, the trader has also started to put money on other memecoins. The crypto wallet started buying tokens called Pup (PUPS) and Popcat (POPCAT).
The trader spent $1.77 million on POPCAT and almost $6 million on PUPS, becoming its largest holder on Solana.
Related: Solana memecoin craze continues with Biden parody token reaching $250M market cap
Community members praised the trader because of the impressive moves. One X user said the trader was not lucky but had “more conviction” than others.
Another user said that the trader had “diamond” hands, a term used to describe crypto traders that can hold tokens even under pressure.
This trader is one of the many who have reaped profits from the Solana memecoin craze. On Dec. 29, a trader hit a $2 million jackpot after putting only $62 on a SOL-based meme token. On April 3, another turned $13,000 into $2 million in just one hour as the memecoin frenzy continued.
Magazine: Woman accused of $6B scam, China loophole for Hong Kong Bitcoin ETFs: Asia Express
